203 K FHA Loan - IOWA need answers

By
Real Estate Broker/Owner with Weaver Realtors B55786000

Thank you for reading and answering my questions if you can. I have a buyer who is purchasing a fixer for a low amount, $62,000. He is looking to add about $10,000 to the loan to do some work.

He called me this morning and said he received info from Wells Fargo that the closing costs are nearly $7,000 and that doesn''t include the 3.5% down. 

Is this normal, I have never done a 203 K Fha Loan. Also, If you have someone you work with on these loans that is great please send me their info. This seems extremely high to me. 

If you have a great lender in Iowa who does the FHA 203 K Loans I could do a lot of business with them if their fees are a lot more reasonable. I am located in Iowa. 

 

Thank you

Posted by

Georgia A. Weaver, GREEN, CNE, CRS, GRI, 
Broker Owner and Iowa Certified General Contractor

Weaver LLC Realtors
"A Promise Made is a Promise Kept"

607 Lake Avenue
Lake Avenue
Storm Lake, IA 50588
Office 712-213-4663 (HOME)
Direct 712-291-0118

www.WeaverRealtors.com

BUY - SELL - INVEST
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Tags:
rehab loan
fha 203 k loan
fha 203 k rehab loan
closing costs on fha 203 k loan

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Rainmaker
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Georgia Weaver

A Promise Made is a Promise Kept! 712-291-0118
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